NBR to dig into bank accounts of 15
Monday, 20 October 2008
FE Report
The National Board of Revenue (NBR) has sought information about bank accounts of 15 individuals.
The individuals include top executives of Rangs Electronics, City Cell and Nokia-Simens.
The central intelligence cell (CIC) of the NBR has issued a letter on October 15 to all banks and financial institutions to furnish the details on bank accounts of the individuals concerned within a week.
It is alleged that the amount of income tax paid by many top executives of large business houses is not in comensurate with the handsome amounts of salaries they have been drawing every month.
The revenue board has sought the information as part of its drive to detect the mismatch between the tax return and actual wealth of those individuals.
The move to find out tax evaders by examining the bank accounts was moving slowly during the last few months. But the less-than-expected response to the opportunity offered to disclose untaxed lawful income forced the revenue board to gear up the drive, he said.
The revenue board has also sought from the central bank a list of top bank depositors to match their bank account information with tax returns, he added.
The National Board of Revenue (NBR) has sought information about bank accounts of 15 individuals.
The individuals include top executives of Rangs Electronics, City Cell and Nokia-Simens.
The central intelligence cell (CIC) of the NBR has issued a letter on October 15 to all banks and financial institutions to furnish the details on bank accounts of the individuals concerned within a week.
It is alleged that the amount of income tax paid by many top executives of large business houses is not in comensurate with the handsome amounts of salaries they have been drawing every month.
The revenue board has sought the information as part of its drive to detect the mismatch between the tax return and actual wealth of those individuals.
The move to find out tax evaders by examining the bank accounts was moving slowly during the last few months. But the less-than-expected response to the opportunity offered to disclose untaxed lawful income forced the revenue board to gear up the drive, he said.
The revenue board has also sought from the central bank a list of top bank depositors to match their bank account information with tax returns, he added.